Matthew J. Mauzy
Sr. Mortgage Consultant
Residential Capital Mortgage Corp.
1291 W. Galleria Drive, Suite 130
Henderson, NV 89014
(o)702-450-2890
(m)702-809-3037
(f) 1-702-552-8883
www.ResidentialCapitalMortgage.com/mmauzy

KB Homes sold the most homes and has market share probably because it offers the most wide
Variety of entry level homes all around the valley.    Next on the list as DR Horton who also puts out
a wide array of single and two story homes at an affordable price.   These low prices and the drive towards
the April 30th deadline to be in escrow caused a surge in new home sales.   Frustrated Buyers who grew tired
of bidding against cash buyers for foreclosures or who got inpatient with a potential short sale transaction.

The Facts
There were 487 new home sales in March bringing the total for 2010 is 1,049 which is less than last year.
New Home Builders pulled 730 new home permits in March making way for Buyers trying to meet
the April 30th deadline and is also up from last year.

Based on a Report put out by Home Builders Research April 2010

Read more at DSNews.com

You can view more info about this at the news 3 website.

There are some complicated rules being implemented as of April 2010 or prior if the servicer, lender or investor opts in by Dec 31, 2009.

The 57-story Vdara, designed by RV Architecture, which is led by Rafael Viñoly, has 1,495 suites, all with fully equipped kitchens. The units include deluxe suites and one- and two-bedroom units ranging from 500 to 1,650 square feet. There are also penthouse units and 250 corner-end suites with panoramic views.

Vdara is a condotel, which means the units can be bought and then placed into a rental program in which they can be leased as hotel rooms when not in use by the owners. The owners and MGM Mirage would share in the revenues produced by the units.

Vdara will have a signature restaurant, Silk Road, created by chef Martin Heierling, who developed Bellagio’s Sensi restaurant. Bar Vdara is in the hotel’s center lobby. Vdara also has an 18,000-square-foot spa, 10,000 square feet of meeting space and a 40,000-square-foot pool deck.

The spike in home notice of defauts in July will add to the inventory of foreclosed homes on the market that has dwindled over the past few months starting another buying spree by investors looking to buy with cash offers.

With the moratorium lifted there is nothing holding back the banks from moving forward on homeowners unless they file for mediation within 30 days of receiving the notice of default.

A group of former Countrywide people launched an IPO today with their new company, PennyMac. Take one guess at what they’re doing. And while we’re at it, let’s talk about why the government’s loan modification program isn’t working.

PennyMac is based in Calabasas, California (sound familiar?), and it plans to make money by buying up failing home mortgages from failed banks and then restructuring the loans. From Forbes/Reuters:

PennyMac’s chief executive is Stanford Kurland, a former president and chief operating officer of Countrywide. At least 10 other top PennyMac officials are alumni of Countrywide, which was also based in Calabasas.

Countrywide was once the largest U.S. mortgage lender, but its aggressive lending practices are widely considered to be a major cause of the nation’s housing crisis.

PennyMac’s business has drawn the attention of critics who have accused Kurland and other Countrywide alumni of trying to profit from a housing crisis they helped create.

Do investors have faith in the crew the second time around? Well, in May, PennyMac predicted its IPO would raise $750 million. It netted $320 million. But the company has raised hundreds of millions from private investors as well, so some people believe PennyMac will find a way to profit.

And why not? What’s left of the mortgage business seems to be doing just fine. The New York Times reports that one reason the government’s loan mod program isn’t going very well is that mortgage companies collect tons of fees on delinquent mortgages:

“It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen,” said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. “I don’t think they’re motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It’s a license to do whatever they want.”

More from the article:

“If they do a loan modification, they get a few shekels from the government,” said David Dickey, who led a mortgage sales team at Countrywide and Bank of America, leaving in March to start his own mortgage advisory firm, National Home Loan Advocates. By contrast, he said, the road to foreclosure is lined with fees, especially if it is prolonged. “There’s all sorts of things behind the scenes,” he said…

“For many subprime servicers, late fees alone constitute a significant fraction of their total income and profit,” said Diane E. Thompson, a lawyer for the National Consumer Law Center, in testimony to the Senate Banking Committee this month. “Servicers thus have an incentive to push homeowners into late payments and keep them there: if the loan pays late, the servicer is more likely to profit.”

One more note on a semi-related subject. The Wall Street Journal reports that the Senate has subpoenaed Goldman Sachs, Deutsche and other banks to inquire about possible fraud in the mortgage market:

The congressional investigation appears to focus on whether internal communications, such as email, show bankers had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested. Collapsing values for many of those securities played a big role in precipitating last year’s financial crisis.

If they can’t prove fraud, how about absolute and utter negligence?

If you have an interested in a condo development with a ton of amenities, quality construction in the heart of Summerlin give us a call.

HUD recently announced that qualified First-Time Home Buyers who want to take advantage of the available tax credit of up to $8,000 now have another option available to them to help them become homeowners.

It’s clear that first-time home buyers have been having a major impact on the housing market this year. The National Association of Realtors announced that first-time buyers, who typically account for less than 40% of home sales each year, have been especially busy…in March, homes that were purchased by first-timers accounted for 53% of all sales, and this percentage is expected to hold true for all of 2009.

With home affordability higher than ever, available tax credits and some of the lowest interest rates ever recorded for home loans, who can blame them? Particularly as a first-time buyer, there may never be a better time to buy a home than right now.

However, the availability of a tax credit, while a great incentive, does not put the money in the hands of a buyer right away. HUD’s announcement now allows for prospective and qualified home buyers to borrow the money from approved agencies and lenders.

While details of participating lenders and HUD-approved agencies are not yet available, this should turn up the heat on prospective buyers to get busy searching for their next home. As further details become available, I will get them to you.

In the meantime, alert your database that one more barrier to homeownership is being removed and the time to start shopping is now!

Sincerely,

Matthew Mauzy
Signature One Mortgage
(702) 453-1111
mmauzy@sigonemtg.com

Tivoli Village will have 700,000 square feet of retail space, including 120,000 square feet of restaurants, and 3,500 underground parking spaces. Grand Lux Café, Zefferino’s and Mastro’s Steakhouse are among the restaurants that have already signed leases.

Village Road Show of Australia is building a 36,000-square-foot, eight-screen theater with reclining Lear jet-style seats. A residential component is planned for 340 condos on top of retail, similar to The District at Green Valley Ranch Resort.

On a day to day basis working with multiple banks via loan servicing companies like countrywide, spf and others help is not coming soon. The bills passing bailing out big businesses is just that leaving you and I the tax payers paying the price. More to come as new programs are being released

700 condos under construction in Southwest at the 215 and Russell are now on hold.   Funding has reportedly dried up for the $350 million Manhattan West Project.  Gemstone Development says its facing increased costs including charges to rework parts of the project that weren’t built correctly. It’s uncertain when new funding can be secured and the sales center remains closed.   Keep it tuned to Channel 13 Action News.

Next time you are out and about check out the new Aliante Station.

The Henderson-based home builder has not gone out business and has not filed for bankruptcy, but it will not be selling any new homes, Home Builders Research principal Dennis Smith said.

 more to come